LATAM CLOSE-No deals price in LatAm primary market
* EM debt trading fell to 6-year low in 2015: EMTA * Fitch cuts LatAm Airlines securitization to BB- * EM inflows jump to 21-month high: IIF By Mike Gambale NEW YORK, March 29 (IFR) - No deals price in LatAm primary market on Tuesday. Here is a snapshot of LatAm sovereign credit spreads: SOVEREIGN 3/28 3/24 3/23 1D 10D YTD 2015/16 HIGH BARBADOS 647 646 647 1 10 43 659 (2/11/16) BRAZIL 390 402 390 -12 -13 -96 542 (2/11/16) CHILE 95 93 91 2 13 9 143 (2/11/16) COLOMBIA 277 279 269 -2 -14 -12 412 (2/11/16) COSTA RICA 495 491 490 4 -6 -22 587 (2/11/16) DOMINICAN REP 431 428 418 3 -10 16 542 (2/11/16) ECUADOR 1153 1151 1118 2 -124 -162 1765 (2/11/16) EL SALVADOR 657 655 656 2 1 17 840 (2/11/16) GUATEMALA 300 300 299 0 2 -2 385 (2/11/16) JAMAICA 452 455 462 -3 -7 3 519 (2/11/15) MEXICO 195 192 190 3 2 1 278 (2/11/16) PANAMA 193 189 191 4 -5 -13 272 (2/11/16) PERU 220 219 217 1 9 -11 291 (2/10/16) TRINIDAD & TOBAGO 146 136 138 10 -36 48 173 (1/15/15) URUGUAY 265 262 263 3 0 -3 344 (2/11/16) VENEZUELA 3054 3050 3039 4 102 262 3713 (2/12/16) Source: Bank of America Merrill Lynch Master Index SPREAD TRENDS: One-day change shows 3 out of 16 sovereigns tighter YTD; Venezuela wider by 262bp, Ecuador tighter by 162bp LATAM PIPELINE: The Brazilian government could issue global bonds again this year if market conditions allow it, the treasury's interim debt coordinator Leandro Secunho said. "There is no need for new (global bond) sales, but if we see new windows of opportunity we will consider reentering the market," Secunho said in a press briefing. Brazil sold a US$1.5bn 2026 dollar-denominated bond on March 10, tapping global markets for the first time since it lost its investment-grade rating. Argentina named BBVA, Citigroup, Deutsche Bank, HSBC, JP Morgan, Santander and UBS as joint bookrunners for a possible bond sale, a source familiar with the matter told IFR on Tuesday. The timing and currency of the bond offering are not yet certain but the deal could come to market in early April, the source said. Expectations of a deal have been building since Argentina sealed an agreement with holdout creditors three weeks ago. Barring any objections from Congress, the Republic is likely to try to issue up to US$15bn of bonds in April in an effort to pay litigant investors. Latin American development bank Corporacion Andina de Fomento has mandated ANZ and Deutsche Bank for a five-year Kangaroo bond offering. CAF last visited the Australian market on September 3 2015 for a A$50m (A$38m) tap of its 4.5% June 5 2025 line, which lifted the issue size to A$325m. The reopening priced at 101.731 to yield at 4.28%, equivalent to 135bp over asset swaps and 158bp wide of the April 2025 Australian Commonwealth government bond. CAF, rated Aa3/AA-/AA-, issued its inaugural A$275m 4.25% three-year Kangaroo on August 21 2013 before reopening the line six days later for a A$75m tap. The bond matures in six months. On October 30 2013, CAF sold a A$225m 6.25% 10-year bond. Raizen Energy launched a cash tender offer on its 7% due 2017 notes, according to a regulatory statement. The Brazilian company plans to buy up to US$200m of the outstanding US$400m notes. Raizen is seeking to buy the bonds back at 100.25, with a US$30 early bird incentive added. The early deadline is March 4, with the final deadline on March 18. Citigroup, Credit Agricole and JP Morgan are the dealer arrangers. Colombia has mandated BBVA, Goldman Sachs and JP Morgan to organize meeting with fixed-income investors in Europe to discuss opportunities in the capital markets this year. Finance Minister Mauricio Cardenas will attend the meetings, which start on March 8 in London. Discussions continue in Germany on March 9, the Netherlands on March 10 and in London again on March 11. Ratings are Baa2/BBB/BBB (stable/negative/stable) by Moody's, S&P and Fitch. The board of Argentine real estate developer IRSA has approved the issuance of up to US$470m of debt, according to a filing with local regulators. The Province of Mendoza is looking to raise US$300m in both the local and international markets to refinance debt, according to local reports. Neuquen province is contemplating a bond issue. The United Mexican States has filed an up to US$10bn debt shelf with the US Securities and Exchange Commission. Proceeds will be used for general purposes, including refinancing and the repurchase of debt. Argentine E&P company Medanito has wrapped up roadshows ahead of a possible transaction through Itau and UBS. Expected rating is CCC+ by Fitch. Concesion Pacifico Tres, a toll-road concession in Colombia, wrapped up a roadshow through Goldman Sachs. The company is looking to raise up to US$272m of bonds, according to Fitch, which has rated the senior secured bonds BBB-. Pacifico Tres is jointly owned by Construcciones El Condor SA, Mario Alberto Huertas Cotes, and Constructora MECO SA. Banca de Inversion is acting as its financial advisor. Argentina utility Pampa Energia's shareholders have approved a US$500m debt program. Uruguay plans to raise up to US$1.5bn in bonds this year. Fomento Economico Mexicano, S.A.B. de C.V. (FEMSA), rated A- and A by S&P and Fitch, respectively, has mandated BBVA, Credit Suisse and Deutsche Bank to arrange a series of fixed income investor meetings in Europe. The investor meetings are expected to take place in the week commencing March 7 2016. A euro-denominated bond transaction may follow subject to market conditions. (Reporting By Michael Gambale; editing by Shankar Ramakrishnan)
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